Paid Entry Contests

What are paid contests?

Similar to existing features, paid contests allow users in certain jurisdictions (list below) to use the Phantasia protocol to participate in daily fantasy sports contests. Paid entry contests provide potential of earning larger prizes than traditional free-to-play games. By depositing money to join a contest, each user’s entry fee is summed together to create a prize pool distributed to winners depending on the contest type. Since users are contributing to the prize pool to enter, the possibility of larger prize amounts is much greater. Winners of the contest will receive a portion of the prize pool - depending on the contest. Additionally the losers of the contests will NOT receive the entry fee back.
Paid entry contests are only playable on the web-app and currently aren't available within the mobile apps

How do I enter paid contests?

Paid contests currently offer two methods of cryptocurrency entry - USDC (US Dollar Coin) or FANT (Phantasia’s native Solana Program Library token). Methods of entry could expand in the future if the DAO votes to add currencies. Paid contests cannot be NFT prize contests, since each user cannot enter with an NFT. Paid contests can be private, as we see with free contests, where users are limited to joining based on a username whitelist or the NFTs in their wallets. Users who are joining paid contest must complete KYC (know your customer) and be in a jurisdiction that Phantasia supports paid entry contests in. This is to comply with regulations and ensure the application is aligned with legal requirements where the users are playing Phantasia.

What features are new with paid contests?

Paid contests allow for an extra game mode - Head-to-Head - where users can create a 2 person contest and face off with someone 1 vs. 1. Approved users can also create paid contests (more below), where previously contest creation was restricted to Phantasia Admins and partners.

Legality of paid contests?

Paid contests must follow more rigid gaming rules than a free-to-play model. These contests are only offered in the supported jurisdictions - more jurisdictions are planned to be added. First, users must complete an identification verification process in order to use the paid contest feature. This process is fairly straightforward and requires minimal effort and documentation, but does ensure that all participants joining paid contests are allowed to do so. Additionally, since prize amounts must be set at contest creation and cannot fluctuate throughout the contest’s lifecycle, paid contests must fill to 100% capacity (number of participants joined must equal number of participants allowed to enter). If the contests doesn't fill, all entry fees that have been deposited will be refunded, and the contest will be re-created as a free, play-to-earn contest.

How does the Phantasia DAO treasury make money on paid contests?

Phantasia takes a maximum of 5% platform fee from paid contests. The platform fee is taken from a user’s prize when they claim their reward after winning. The platform fee percentage can be reduced by staking FANT on the desktop website. If you are able to stake enough FANT to reach the highest staking tier, you can reduce the platform fee to as low as 0.5% - meaning you take almost all of your earned prize winnings. Staking is simply locking up your FANT in the protocol for however long you prefer, users are able to un-stake their FANT at any time. Un-staking will impact the fee tier the users are in.

Can I create paid contests? How is this different from other platforms?

Users who complete identity verification can create paid contests and select contest options they prefer like - type, entry fee, league, games and visibility. By creating a contest, a user can also participate in Phantasia’s affiliate program when they stake FANT. Depending on the amount of FANT a creator has staked, they may be able to claim up to 50% of the total fees. This is a massive feature for influencers, or other people who have communities in the sports world. They can host contests, not pay to play, but still potentially earn from others joining their competition.
Note that the contest must fill in order for this to happen, or the contest will be canceled and played as a free competition.

How To Claim Prize?

Once you win a prize you're able to instantly withdraw your winnings! Navigate to the home page and on the right hand side of the screen the prizes that you have won will be available. The prizes will be stored there for 2 weeks - after that they will not be able to be claimed. This is due to the memory amount of data that can be stored on the blockchain without incurring prohibitive costs.

Can I Join A Contest Multiple Times?

For paid entry contests users are able to join a contest as many times as they want! This allows users to create multiple rosters for contests they're joining.